+ Reply to Thread
Results 1 to 2 of 2

Accrued Interest w/ Prepayments Formula

  1. #1
    Registered User
    Join Date
    04-23-2020
    Location
    Boston, MA
    MS-Off Ver
    365
    Posts
    1

    Accrued Interest w/ Prepayments Formula

    Hello All,

    Would greatly appreciate some help. I've currently built a loan schedule showing the flow of principal prepayments and how much interest is accrued net any prepayments. My goal is to get it all in one formula instead of a schedule. Ideally a formula that calculates the interest accrued between multiple dates, and then factoring in principal prepayments which then reduce the daily accrued interest.

    This is how I have it broken out, but would love to be able to aggregate it into one formula:

    Simple Scenario:
    Principal: $10,000
    Interest 10% (Daily interest = 10% / 360 = .03%)
    Originated Date: 4/10/20
    Today: 4/23/20

    Interest Accrued is simply = (Principal*Rate*(today()-Originated Date)


    Now we add principal prepayments:


    Principal: $10,000
    Interest 10% (Daily interest = 10% / 360 = .03%)
    Originated Date: 4/10/20
    Partial Pmt Payment 1: $1,000 on 4/14
    Partial Pmt Payment 2: $2,000 on 4/17
    Today: 4/23/20

    Interest Interest in new scenario:
    4/10 - 4/14: $10,000 * .03% * 4 days = $11.11
    4/15 - 4/17: $9,000 * .03% * 2 days = $5
    4/17 - 4/23: $7,000 * .03% * 6 days = $11.67
    Total Interest = $27.78
    Ending Principal Balance = $7,000
    Payoff Amount = $7,027.78

    I would like to have one formula for 20+ loans that vary between multiple principal prepayments (or not). Been very tough to be able create a formula that factors in what the int payment is, and if it is overpaid, to recalcuate the principal and interest accrued.

    Appreciate the help!

  2. #2
    Forum Expert
    Join Date
    09-07-2014
    Location
    Israel
    MS-Off Ver
    office 365 for MAC
    Posts
    3,105

    Re: Accrued Interest w/ Prepayments Formula

    Hi,
    I uploaded a file with 3 loan example. The first is taken from your log.

    Is this what you meant?
    Attached Files Attached Files

+ Reply to Thread

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Similar Threads

  1. Daily Accrued and Compounded Interest
    By InVinoVeritas in forum Excel Formulas & Functions
    Replies: 3
    Last Post: 07-12-2019, 05:15 PM
  2. Calculating daily interest accrued above a threshold
    By Nick_Moore in forum Excel Formulas & Functions
    Replies: 2
    Last Post: 11-24-2017, 05:22 AM
  3. [SOLVED] Formula needed to return total at month end date - Prepayments
    By lisar44 in forum Excel Formulas & Functions
    Replies: 2
    Last Post: 08-20-2015, 08:09 AM
  4. Accrued Interest and Face Value
    By sushix in forum Excel General
    Replies: 1
    Last Post: 04-20-2013, 02:14 AM
  5. Accrued Interest total with quarterly rate changes
    By cpaexcel in forum Excel General
    Replies: 2
    Last Post: 11-11-2012, 06:28 PM
  6. [SOLVED] Accrued unpaid preferred interest
    By bdwttu in forum Excel Formulas & Functions
    Replies: 5
    Last Post: 08-06-2012, 04:20 PM
  7. Replies: 8
    Last Post: 05-23-2012, 11:37 AM

Tags for this Thread

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts

Search Engine Friendly URLs by vBSEO 3.6.0 RC 1